Membership of the Isle of Man Financial Services Authority
The Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 (“the Order”) states that the Authority shall consist of not less than 7 members appointed by Treasury, subject to the approval of Tynwald. The Order goes on to state that the Chief Executive of the Authority shall also be a member.
The Treasury has appointed the following persons to be members of the Authority:
Geoff Karran MBE (Chair)
Admitted to the Manx Bar in 1969 and during his time as an Advocate he became Senior Partner in Dickinson Cruickshank and served for three years as President of the IOM Law Society. Retired from practising Law in February 2007. He continues as Chairman of the DHSS Social Security Appeals Tribunal and the Disability Appeals Tribunal. Appointed Deputy Police Complaints Commissioner in March 2008 and Police Complaints Commissioner in March 2009. Awarded the MBE in the New Year's Honours List 2009.
Lillian Boyle (Deputy Chair)
Lillian Boyle was previously a Member of the Isle of Man Insurance and Pensions Authority, having been appointed in April 2012. She is a lawyer, a Chartered Fellow of the Securities & Investment Institute and a Chartered Insurer as well as a Trust & Estate Practitioner. She is a former President of the UK Chartered Insurance Institute (CII) and currently sits on the CII Professional Standards Board. She has been Managing Director of an Isle of Man based International Life Company and also Chairman of the Scottish Widows companies on the island. For the past 7 years she has been a member of the UK Financial Reporting Council’s Conduct Committee being particularly involved in the oversight of Audit Quality Review work.
She has held various non-executive roles in the investment and trust sectors on the Island and currently holds a position on a UK financial services group as well as being Audit& Risk Chair of two UK Charities. She has also served as a Governor of the Isle of Man College of Further & Higher Education as well as having been Chairman of the Manx Insurance Association and President of the IoM Branch for the Chartered Institute for Securities & Investments.
Karen Badgerow (Chief Executive)
Appointed to the position of Chief Executive on 1 November 2015. Prior to this she served over 30 years with the Canadian government in senior roles in financial services regulation. Most recently she was Senior Vice-President with the Canada Deposit Insurance Corporation heading up their Insurance and Risk Assessment Division. Before joining CDIC, she spent over 25 years with the federal banking and insurance regulator, the Office of the Superintendent of Financial Institutions, and was responsible in her last position for oversight of the federal banking sector. Also represented Canada on a number of international committees including the Senior Supervisors Group and the FSB's Supervisory Intensity and Effectiveness Committee. She holds a Bachelor’s degree and a Master’s degree in Public Administration from Carleton University in Ottawa, Canada.
Roger Butler (Member)
Since 1998 Roger Butler has been chairman and non-executive director of, and consultant to, several companies in varied industries. Between 1996 and 1998, he was Chief Executive of Newton Investment Management, a major UK fund management company, until its sale to Mellon Bank. Previously, he was a Senior Advisor to Morgan Stanley, where he was involved in advising both the firm and its investment banking clients on corporate structuring and taxation matters. Prior to this, Roger was with Arthur Young (now Ernst & Young) where he was latterly Regional Managing Partner in London and Chairman of the global tax practice, having previously been UK National Director of Taxation.
Juan Clarke (Member)
Mr Clarke was appointed as a member of the Authority in March 2016. Prior to this he was Managing Director of the Clerical Medical International (CMI) Group of Companies, part of the Lloyds Banking Group comprising Trust, Fund Management and Venture Capital Investment Companies and Scottish Widows offshore Insurance arm, CMI Insurance Company Limited. He has over 30 years’ experience since starting his career with Barclaytrust in 1982 and at CMI worked in various senior roles specialising in Insurance, Investments and Fund Management. He currently holds non-executive director positions in the Isle of Man and Luxembourg and is a Chartered Fellow of the Chartered Institute for Securities and Investment and holds Chartered Wealth Manager status with the Institute.
Alan Smith (Member)
Initial career with Lloyds Bank Trust Division and then spent seven years as Manager of Bank of Bermuda's Cayman operations. Moved to Isle of Man in 1987 and was appointed Managing Director of Bank of Bermuda in 1994. Appointed to the Global Board of the Bank's Fund Services Division in 2001 as Global Head of Marketing and Strategy and subsequently of HSBC's Alternative Fund Services Division up to his retirement in 2005. He has over 36 years’ experience in Trust Administration, Corporate Services, Banking, Custody and Fund Administration.
David Stacey (Member)
Prior to his retirement from full-time employment in 2009 he was managing director of Tower Insurance Company Limited and had previously spent his career in various senior management roles within RSA Insurance Group, Tower‘s parent.
He is a Fellow of the Chartered Insurance Institute and a Chartered Insurer, and holds the Institute of Directors‘ Diploma in Company Direction. He is a non-executive director of a number of companies.
Mark Waterhouse (Member)
A number of key positions held in banking including Managing Director of Halifax International (Isle of Man) Limited and Managing Director of Halifax International Limited in Jersey. He is currently CEO of Zurich Bank International Limited which is part of the Zurich Insurance Group.
Since moving to the Isle of Man in 1997 he has been an active member of the Isle of Man Bankers Association and until October 2015 held its Presidency, a position he held for four and a half years, having previously held the same position in 2000. He is also currently President of the Isle of Man Centre of the Institute of Financial Services and is a Fellow of the Institute of Directors and currently serves on the Committee of its local branch.
Paul Wright (Member)
Spent the first twenty years of his career with the Bank of England in a variety of economics and international roles before taking a senior post in the supervisory area responsible for international banks. UK Alternate Director at the IMF1990 to 1992. Moved to the UK Financial Services Authority at the time of its creation in 1998 to head the division responsible for the major overseas financial institutions in the UK. He was also closely involved in developing the FSA's supervisory framework. In 2005 he took overall responsibility for the FSA's global and EU strategy. In 2009 he took up the post of Senior Director at the Institute of International Finance in Washington DC where he was responsible for developing and coordinating industry stances on global regulatory reform.